The key messages in this update are:
- Projections for 2014/15 maize, rice, and wheat see harvests of some 2.18 billion tonnes - up 5M tonnes from the 2013/14 record, and 27M tonnes above projected consumption.
- Spot prices of maize and wheat have fallen further to US$176 a tonne for maize and US$282 a tonne for wheat, with future prices indicating that further falls are expected.
- Oil prices, stable for over three years, have fallen from $100 to $85 a barrel since August 2014. This will reinforce falling prices for cereals.
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Steve Wiggins and Sharada Keats